6,582,026 Shares in Cleveland-Cliffs Inc. $CLF Bought by PointState Capital LP

Key Points

• PointState Capital acquired 6.58 million Cleveland-Cliffs shares in the second quarter, worth approximately $61.8 million and representing a 1.15% stake. Several other institutional investors also initiated positions, with institutions collectively owning 67.68% of the stock.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, and an adjusted loss of $0.20 per share that narrowly beat analysts’ expectations.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating and an average price target of $11.96, while an executive recently sold 214,308 shares and insiders own only 0.95% of the company.

PointState Capital LP acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,582,026 shares of the mining company's stock, valued at approximately $61,805,000. PointState Capital LP owned 1.15% of Cleveland-Cliffs as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Avala Global LP acquired a new position in Cleveland-Cliffs in the second quarter valued at approximately $58,325,000. Axim Planning & Wealth purchased a new stake in Cleveland-Cliffs in the 2nd quarter worth approximately $952,000. Bank of America Corp DE acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $36,670,000. Birmingham Capital Management Co. Inc. AL acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $421,000. Finally, Gallagher Fiduciary Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $5,498,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.58 on Thursday. The company has a market cap of $6.61 billion, a P/E ratio of -7.15 and a beta of 2.09. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $16.70. The company's 50-day moving average price is $10.91 and its 200-day moving average price is $10.70. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion during the quarter, compared to analysts' expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. During the same quarter in the prior year, the company earned ($0.50) EPS. Cleveland-Cliffs's revenue was up 5.9% compared to the same quarter last year. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Barclays boosted their target price on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an "underweight" rating in a research note on Friday, July 24th. Bank of America dropped their price target on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Wells Fargo & Company upped their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research report on Monday. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Hold" and an average target price of $11.96.

Insider Activity

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares of the company's stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.95% of the stock is owned by company insiders.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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